You have sold your product or rendered your service to one of your customers. Receiving their payment must be something that happens next. The date has already moved beyond the deadline of having the invoice paid. After not hearing anything from your customer, you then made the decision that you better get in touch with them via phone. Within a week, the customer told you that they will pay you. But then, after a month from that phone call, you have not gotten the payment from the customer again. In order for you to steer clear from this type of customers, it is best that you take the following tips by heart as advised by the Merrick Ventures Board of Directors.
The first thing that you have to remember as per advised by Merrick Ventures is to be sure to think carefully about the customers that you will have your business transactions with. It will be safe if you institute finding out some identifying characteristics of customers that you must never make deals with before you even start letting any customer avail of the services or products that you are offering them. Some telltale signs that will tell you that the customer is deadbeat is if they are uncompromising, demanding, and very vague. You will not be sorry making deals with unreliable customers if you are able to not proceed dealing with them the moment you do not feel compelled at all to make deals with them. It might be challenging to stay away from customers that approach you if you are still new on the whole business thing. Having this kind of person go first to you might just end up with your thinking about the ways in which you will be able to get more customers to make business with you. You have to learn from the experts such as Merrick Ventures that no matter how great these customers might look like on the outside and at first purchase, you will just end up losing more of your money in the long term.
The second tip from Merrick Ventures that you must learn for your business is to receive your payments on the spot. This is most probably the most obvious pointer that every business establishment must know. And yet, up until now, omitting this rule seems to be very common among a lot of companies big or small. According to Merrick Ventures, the most common reasons for this include the preference of the business as well as the fear of not getting enough customers to buy from them. However, it is better that you get paid before you render your service or send your product to not have to face any hassle in collecting their payment and saving your time. On the other hand, if you do provide services and products online, the best move is to do cash on delivery as your payment method.